1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The cancellation of India's BIS certification is beneficial for the export of PTA and filaments, but the new production capacity in India and Indonesia in 2026 may reduce their import volume. The export of filaments may increase by 2 - 30,000 tons per month in 2026 [2]. - The low price of ethylbenzene drives the expectation of blending oil, and the aromatics arbitrage between Asia and America has started, leading to the rise of PX and PTA prices [2]. - The supply of oil from the Middle East, Latin America, and Russia has increased significantly since Q3, with a bearish impact on oil prices. However, market differentiation due to sanctions still exists, and geopolitical and macro - events may affect market sentiment [2]. - For PX, the domestic PX plant load has reached a high level in recent years, and PXN has support but limited rebound space. For TA, there is limited inventory accumulation pressure in November, but it will increase after December. In the long - term, PTA processing fees are expected to improve [2][3][5][6]. - The polyester开工率 is 91.3% (down 0.4% month - on - month), with improved domestic sales orders since late October. The polyester load in November is expected to remain around 91% [3]. - For PF, the spot production profit is 156 yuan/ton (down 26 yuan/ton month - on - month), with high load and low inventory. The processing fee is expected to remain stable. For PR, the bottle - chip processing fee is expected to fluctuate within a range, and attention should be paid to raw material price fluctuations [3][6]. - The strategy is to be cautiously bullish on PX/PTA/PF/PR. The 01 contract has limited upside space due to inventory accumulation pressure, and attention should be paid to the 05 contract in the long - term. There are no cross - variety and cross - period strategies [5][6]. 3. Summary by Relevant Catalogs 3.1 Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber basis [10][13][15] 3.2 Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] 3.3 International Spreads and Import - Export Profits - Figures involve toluene Asia - America spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [26][28] 3.4 Upstream PX and PTA Start - up - Figures show the operating rates of Chinese, South Korean, and Taiwanese PTA plants, as well as Chinese and Asian PX plants [29][32][33] 3.5 Social Inventory and Warehouse Receipts - Figures display PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [38][41][42] 3.6 Downstream Polyester Load - Figures include filament sales volume, short - fiber sales volume, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing machine start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [49][51][60] 3.7 PF Detailed Data - Figures cover polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled price difference, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, and polyester - cotton yarn processing fee [70][80][84] 3.8 PR Fundamental Detailed Data - Figures include polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, price difference between East China water bottle chips and recycled 3A - grade white bottle chips, bottle - chip next - month spread, and bottle - chip next - next - month spread [88][90][98]